Visa’s alternative payment solution V.me has been recently launched in Australia, rivaling the well-known PayPal
The expansion of Visa’s V.me has reached Australia with 40 financial institutions as launch partners including three out of Australia’s four major banks, Commonwealth Bank of Australia being the opted-out fourth.
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The E-Wallet requires the use of a username and password with a link to the customer’s credit/debit card details for shipping purposes – much like PayPal but with a competitive twist. Visa and MasterCard have wavered any additional merchant fees like the 1.1% – 2.4% that merchants using PayPal can expect to pay, which is why both new E-Wallet brands are currently looking particularly enticing to e-commerce.
According to Visa, the success of the product in Australia is dependent on the support of acquiring banks. Head of Visa V.me, Greg Storey said: “If financial institutions are promoting this, endorsing this and recommending this, then [merchants] will see this as the revolution.”
With the exception of Commonwealth Bank who are said to be trialing the product to test the response of their customers, the support seems to be solidly in place for V.me Australia.